On Monday, value stocks had one of their best relative days on record. A lot of that had to do with investors dumping what had been working, not a desire to own value. And it’s not clear that they will suddenly develop that desire.

Reports emerged overnight that the U.S. and China had agreed to talk, and that was enough to send the market higher. If the gains hold through the open, the range that had been in place since early August would break to the upside.

Investors don’t seem enthusiastic about United Technologies’ plan to create an aerospace and defense giant. But at least one analyst thinks it makes sense and recommends buying United Technologies shares today.

The Institute for Supply Management’s manufacturing index was weaker than expected in August, showing that manufacturing activity declined for the first time in three years. Its reading of 49.1 was lower than economists’ forecasts; readings below 50 indicate contraction.

The U.S. suddenly announced tariffs on another $300 billion worth Chinese imports at the beginning of August, and China later announced its response. Many of those penalties went into effect at the start of the month.

It’s been a painful August—the Dow and S&P 500 are both off 1.9% through Thursday’s close—though not as painful as it might have been thanks to the market’s performance during the last week of the month.

The Dow Jones Industrial Average looks set for a higher open Thursday on reports that China will not raise tariffs in response to President Donald Trump’s increase on Friday. But is that really the reason?